**Russia's Central Bank Holds Firm on Inflation Fight as Year-End Data Shows Persistent Price Pressures**

Fresh economic indicators from Russia reveal mounting inflationary pressures heading into year-end, with the latest snapshot underscoring why policymakers have adopted an aggressive stance. According to the Russian Federal State Statistics Service's weekly report released Wednesday, the country's year-to-date inflation rate stands at 9.5%, well above the central bank's 4% target. The weekly consumer price index climbed 0.33%, suggesting that price momentum remains elevated despite months of monetary tightening.

**Central Bank's Resolute Policy Stance**

In a move that caught some market observers off guard, Russia's central bank opted to maintain its benchmark interest rate at 21% during its latest decision. Rather than pursuing additional hikes, regulators signaled confidence that the current tightening cycle has established the necessary foundation for inflation moderation in the quarters ahead. Officials believe the accumulated effect of rate decisions is now creating favorable conditions to steer price growth toward the official 4% target.

**What's Ahead for Russia's Inflation Rate**

Andrei Gangan, who oversees monetary policy at the Russian central bank, provided guidance on inflation expectations, projecting that the annual inflation rate in Russia will settle in the 9.6% to 9.8% range. This forecast suggests price pressures may persist somewhat longer than initially hoped, though the trajectory implies a gradual deceleration from current levels. The central bank's decision to hold rates steady reflects a calculated bet that existing policy restraint, combined with moderating global commodity prices, should gradually cool domestic demand and ease inflation rate concerns through the coming year.